[Gambino]

Hi,

I am going to be turning 19 in a few weeks and im still confused. Real estate investment is an amazing investment because you are getting income from it and also building equity. I want to start investing now. The reason im confused is would it be the right time to start and how. Also does anyone on here have experience with apartment investing. Does anyone live in the Vancouver BC area, who can help me put my foot in the door.

Also this site is amazing, i just found out about it. I wish i knew about it long time ago. Keep it up.

Thanks,

 

[Zimnicki]

I started 2 years ago, and going strong still. All i can say is start small just to get your feet wet, start with a house, and rent it out. Do you still live at home? that helps as well.

If you start today its better then tomorrow, cause everyday that you dont start is a another day that prices go up. I dont know how the realstate market is in Van city, buy in winnipeg its great and going strong. You can cashlfow just about about anything from 100k to 300k.

There are a lot of guys on this board that can help and piont you in the right direction.

If there is any more info you need, dont hesitate to ask one of us.


Michael

 

[Gambino]

Thanks for replying. I would love to get my foot in the door and get wet its just how. I do still live at home. Its just at my age its hard to get a loan, banks don't except people young as me until they see i got money coming in. Any suggestions.

 

[Sikklightning]

Here in the states it really doesn't pay to buy a house unless you put a huge down 80%+ or have some crazy low interest rate and a 30 year payment.

 

[Zimnicki]

Thanks for replying. I would love to get my foot in the door and get wet its just how. I do still live at home. Its just at my age its hard to get a loan, banks don't except people young as me until they see i got money coming in. Any suggestions.

Depending on the house market, you only need 5% down if its your first house, or primary place. But what you do with it, is your business, meaning live at home, and buy a place and rent it out. How is the rental market in van? did you do research? do you have a job? whats the house values? Can you borrow money from parents? or freinds?

 

[Gambino]

what i want in the future is to own apartment buildings as an income. But if you say buying a house is the best bet in the beginning i would rent it out. Market in van isn't going to great right now. I do have a job making a miserable $12 dollars an hour, as i said i'm 18. I cant borrow money from parents or friends. So right now i think im pretty screwed. How can i get started. Thanks.

 

[Zimnicki]

How do you thing your going to own those apartments? making 12 dollars is better then not making anything at all. be greatful. Remmeber in life to make money, you dont need money. well you dont need your own money. have you done reading up on relaestate investing?

If you beleive that your screwed your screwed, but if you have a will, and passion, there is a way..

 

[Gambino]

haha thanks for reminding me. You are totally right, i guess the reason why i haven't started anything is i don't have the right mind set. I have read about real estate investing. I was thinking of getting being a real estate agent first. At the moment im getting my life insurance license to. Thanks again. How did you start investing.

 

[Zimnicki]

The key in everything is to have the right mind set, and already see yourself at the goal, just have to figure out how you got there. As for me, i have always wanted to be in realestate, building and investing. so i started couple years ago, in rental properties, and i have several now. At the moment looking into getting into building about a 10 unit condo project to get me started.

So my thing now is that i have to look for investors. Just another small step in the process of my drive. But i know its going to happen cause i beleive in the idea, there is drive, passion, and willing to help others on the way to the top.

Do some reading, find out what it is you like or love about realestate? why do you want to do apartment blocks? is it for money or to create and manage something? Is there a passion behind your dream. All i can say is read read read, and find out everything you can about what you want to do in realestate. that way everything will become a bit easyer for you.


Michael

 

[Gambino]

How did you start with investing. Did you have a career first then that made it possible to get a loan? The reason i choose apartment buildings is you get income from it while if you sell it in a few years you have created more money on the equity. Your thoughts?

 

[Zimnicki]

How did you start with investing. Did you have a career first then that made it possible to get a loan? The reason i choose apartment buildings is you get income from it while if you sell it in a few years you have created more money on the equity. Your thoughts?

I just had a regular job, and just leveraged myself in rentals, what you want to do, getting cashflow and equity is the samething what im doing but on a smaller scale. Not more so loans, but just saved up and got one mortgage and another, and then got investors to get more places.

The key thing is to use other peoples money, there are plenty of people out there with money and dont know what to do with it, and there are plenty of people like you that dont have money and know what to do with it. i have been in your position, so i know what its like.

You can shoot for apartments, but do you know how to run them? manage them? get renters? insurance? lawyers? bank meetings? there are a lot of things that need to be done to get were you want to go. thats why its better to start small, and get a house, feel it out, see what its like to manage just one unit, and not 20, 30, 50 or even 100 @ a time.

houses, duplexs, triplexs, apartments, commerical.... and so on, but maybe not in that order.

 

[Gambino]

wow thanks so much for this info. You said you leveraged yourself into rentals. How much money did you need to start. How much money do you think i need to start. I love having a mentor to help me out. Thanks alot.

 

[Zimnicki]

First house is going to be 5% in canada, anything after that is going to be 20% down... go to your local book store there are plenty of mags, and books on canadian realestate investing that are very helpful..


Michael

ps. let me know if you need anything else

 

[Gambino]

yeah i will for sure do that, but again how much did you start with to get your first rental. Thanks so much.

 

[jibaholic101]

Here in the states it really doesn't pay to buy a house unless you put a huge down 80%+ or have some crazy low interest rate and a 30 year payment.

this, plus the real estate market here won't really allow for real estate investment profit for a loooong time

 

[Gambino]

Hi jibaholic101,
What did you mean by long time, 5 years or 10 years. Im thinking hold it for 2-3 years, then moving on to a bigger investment. Thanks again.

 

[jibaholic101]

Well you are in a different country, but from what I have read and what I understand and percieve of the situation, I think it will be a loong time, at least 5 years more like 10 down here in the states before the real estate market really picks up. Think about it this way, a healthy economy and lending industry = healthy real estate market. Right now the economy is just getting worse and worse as well as the lending industry by the day, and will take a long time for the damage of this collapse to be undone and people to recover. When most of the population has a lack of capital to be able to buy a property outright, and the fact that the lenders just will not write loans anymore, even if you have spotless credit, where is the buyer? The commercial real estate will suffer for longer I believe down here because there is no boom in industry and business, we have sent all of our manufacturing, IT, and HR resources out of the country, and it will only continue to get worse. The reason the Depression turned around with a snap was WWII and a demand for manufacturing which created jobs as well as capital to buy homes and stimulate the marketplace. And I just don't see it right now here in America.

I am speaking about the USA. I am not sure what the market is like up there, but I would imagine like in the rest of the world, the days of joe-blow flipping real estate and artificially inflating the market are over. You are going to have to really work hard and find a unique niche to make a decent profit

IMO

 

[lifeoftheparty.]

yeah i will for sure do that, but again how much did you start with to get your first rental. Thanks so much.

Please have some patience/tact. Zimnicki is spending alot of time with you. Details like this are often private.

From the sounds of it, you need to focus on reading, reading, and more reading. It'll go a long way and save yourself a ton of headaches, $, and missed opportunities. There are tons of people who are in this same market and they are doing their research. So prepare yourself, save up 5% or more, and shop around for your first place. It's pretty easy to do the math. Also, make sure you have some extra saved for renos, months unfilled, etc. Just in case.

Go buy some books!

And here in Ontario, there are still alot of deals to be had. Nothing like the States really.

 

[Zimnicki]

yeah i will for sure do that, but again how much did you start with to get your first rental. Thanks so much.

Is there a difference from 5% of 100k, 200k, 300k, 500k? i really dont know the market that well in vancouver, and dont want to tell you something that may or may not be happening. Go to mls.ca and check out the houses in your area? What area do you live in? How well do you know the area? close to schools? parks? malls? work? why would someone rent there? or even from you? My market allowed me to just spend 5% of 100k -150k plus closing costs.

Please have some patience/tact. Zimnicki is spending alot of time with you. Details like this are often private.

From the sounds of it, you need to focus on reading, reading, and more reading. It'll go a long way and save yourself a ton of headaches, $, and missed opportunities. There are tons of people who are in this same market and they are doing their research. So prepare yourself, save up 5% or more, and shop around for your first place. It's pretty easy to do the math. Also, make sure you have some extra saved for renos, months unfilled, etc. Just in case.

Go buy some books!

And here in Ontario, there are still alot of deals to be had. Nothing like the States really.

Thank you, and your right as well. Some people like to be private about this stuff, but to be honest if i had someone like me years before helping me out would have been great. They can ask anything they like, its great to help out a follow memeber, and anyone trying to get into realestate. Also thank you for your help on this as well.

 

[CADILLAC]

Here in the states it really doesn't pay to buy a house unless you put a huge down 80%+ or have some crazy low interest rate and a 30 year payment.

:laugh: